Spike in Portuguese house prices accelerates in Q2: INE

LISBON, Sept. 20 (Xinhua) — Housing prices in Portugal surged by 7.8 percent year-on-year in the second quarter of 2024, representing an acceleration compared to the previous quarter, the National Institute of Statistics (INE) reported on Friday.
The number of housing transactions also saw a 10.4 percent rise during this period, marking the first increase in two years.
According to INE’s Housing Price Index, the growth in housing prices was more pronounced for existing homes, which saw an 8.3 percent increase, compared to a 6.6 percent rise in prices for new homes. Quarter-on-quarter, the index recorded 3.9 percent growth in housing prices.
A total of 37,125 homes were bought between April and June, with 79.8 percent of these transactions involving existing homes. The total value of these transactions reached 7.9 billion euros (8.8 billion U.S. dollars), a significant 14.1 percent increase compared to the same period in 2023.
The positive trend reflects rising demand on the Portuguese housing market, driven by robust economic conditions and the ongoing recovery from the pandemic’s economic impact. ■